The price Dash today is 203.55 USD, and the trading volume in 24 hours - 271,310,488 USD. The crypto asset has grown by -1.85% over the day. Currently, the coin’s market capitalization is 2,103,899,515 USD, and has 10,335,841 coins in circulation with the max supply of 106,197,556 coins DASH.
What is Dash?
Dash is a cryptocurrency focused on providing a fast and cheap global payment network that is decentralized in nature. According to the project's official document, Dash aims to improve Bitcoin( BTC) by providing higher privacy and faster transactions.
The project was launched in January 2014 as a fork of Litecoin (LTC). Since its launch, Dash has expanded to include features such as a two-tier network with motivated nodes, including "masternodes" , and decentralized project management:
- InstantSend, which allows you to make instant payments;
- ChainLocks, which makes the Dash blockchain instantly immutable;
- PrivateSend, which provides additional privacy for transactions.
Who are the founders of Dash?
Dash was founded by software developers Evan Duffield and Kyle Hagan. The project was originally called XCoin, and two weeks later its name was changed to Darkcoin, and then in March 2015, it was rebranded to Dash to change its image.
Prior to launching Dash, Duffield was a software developer with a background in finance, from his time at Hawk Financial Group, and in public relations, having developed machine learning algorithms and search engines. He first conceived of Dash in 2012 as a way to increase Bitcoin's anonymity, so he originally named it Darkcoin.
Duffield claimed that he started it as a hobby, writing code in just one weekend. Duffield served as CEO of Dash Core Group - a company that supports further development, integration, and other Dash activities - until December 2017, when he stepped down to focus on other strategic initiatives.
Hagan, along with Duffield, co-authored the original Darkcoin whitepaper. However, he left the project in early December 2014.
What makes Dash unique?
Dash's goal is "to become the most convenient and scalable cryptocurrency in the world, focused on payments". This is no coincidence, as Dash wants to become the preferred platform for fast digital payments. This means removing at least some of the key obstacles to achieving this goal: transaction speed and high fees.
In order for coins to be used for small transactions, such as at grocery stores or gas stations, the entire transaction must be both instant and cheap, with the possibility of anonymity as an added bonus.
The underlying Dash technology uses a two-tier architecture based on a combination of Proof of Work (pow) / Proof of Stake (pos) consensus mechanisms.
While miners use their own computers (pow) and compete with each other to get the right to add a new block to the block chain, the second level is provided by masternodes (full nodes).
PrivateSend - one of Dash's core functions-ensures financial privacy by hiding the origin of your funds. Another feature, InstantSend, will allow you to compete with near-instant transaction systems, such as credit cards, at retail outlets without relying on a centralized authority.
The Dash platform aims for greater democracy in its governance model. Its miners receive 45% of the block reward, as do the masternodes. The remaining percentage is allocated to improving Dash's infrastructure, marketing, and growth model. Decentralized governance allows everyone to propose changes to the system, with network members voting on each proposal.
How many Dash coins are in circulation?
The maximum number of DASH coins is limited to 18.9 million, of which 9,905,193 are already in circulation. In addition to mining, DASH coins can be purchased through trading, as they are listed on major crypto exchanges, and Dash can also be purchased through ATMs.
Approximately 45% of new DASH is allocated to miners, 45% to masternodes, and 10% to fund future offerings. In August 2020, a proposal was approved that, once effective, will change the ratio of coins provided to miners and masternodes from 50/50 to 40/60, respectively.
In the first 48 hours after the launch of Dash, about 2 million coins were mined, which significantly exceeded the planned emission schedule. Dash was originally forked based on Litecoin, which faced a similar problem at launch due to an error in the difficulty adjustment algorithm. While it is well documented that Dash inherited the bug from Litecoin, there is still widespread speculation about whether the resulting fastmine was intentional, for the benefit of early miners.
How is the Dash network protected?
Dash uses a two-tier network to protect its transactions. The first layer consists of nodes that perform mining operations according to the Proof-of-Work consensus protocol, which means that they compete to solve complex cryptographic problems, and at least 51% of the nodes must approve the transaction in order for it to be added to the block chain.
The pow algorithm used by Dash is called "X11" - a special hashing algorithm developed by Dash founder Duffield that uses a sequence of 11 hashing algorithms.
The second level consists of masternodes operating according to the Proof-of-Service consensus algorithm, in which masternodes are evaluated based on their history of providing good network services. Masternodes control the network and have the right to reject new blocks added by nodes if they were approved incorrectly. They also include the Dash ChainLocks feature, which increases security as every 12 hours a rotating group of masternodes watches and confirms all new blocks added to the blockchain. Dash developers said it protects the network from 51% attacks.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.